How Goldman Sachs made it back into Washington's inner circle
NEW YORK — When Gary Cohn, president of Goldman Sachs, walked into Trump Tower earlier this week, it was just one of dozens of meetings President-elect Donald Trump as held with advisers, potential cabinet picks and well wishers over the last few weeks. But on Wall Street, Cohn’s presence in the gold-accented lobby represented something much bigger: One of the world’s most important banks is making its way back into Washington’s inner circle.
After years on the sideline, Goldman Sachs, and the rest of the Wall Street elite, is poised to come roaring back.
Trump has already picked several Goldman Sachs alums for several key positions. Steven Mnuchin, a 17-year veteran of the bank, is slated to be the next Treasury Secretary and Steve Bannon, Trump’s chief strategist, worked on mergers and acquisition deals for Goldman Sachs. Hedge fund manager Anthony Scaramucci began his career at the New York bank and has emerged as one of Trump’s closest advisers on his presidential transition. According to Politico, Cohn, a 26-year veteran of the Goldman Sachs, is being considered for a position heading the Office of Management and Budget.
Goldman Sachs’ sometimes controversial relationship with Washington goes back decades. One of its founders, Henry Goldman, advised on the creation of the Federal Reserve. President Franklin D. Roosevelt chose Goldman CEO Sidney Weinberg to serve on the War Production Board during World War II. And more recently, President Bill Clinton named former Goldman co-chairman Robert Rubin to head the Treasury Department. George W. Bush picked Henry Paulson, another Goldman alum for the same job.
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